46. Deposit of primary education fund. - (1) The primary education fund shall be kept in the Government treasury or in the bank in which the Government treasury business has been made over or in such other bank or co-operative society registered or deemed to have been registered under the Bombay Co-operative Societies Act, 1925 (Bombay VII of 1925), as may be approved by the [State] Government.
(2)It shall be lawful for the school board to invest such portion of the primary education fund as is not likely to be immediately required in post office cash certificates or in securities of the Central Government or any [State] Government.(3)Every investment in Government securities shall be made through the Reserve Bank of India or any other bank approved by the [State] Government in this behalf.[46A. Provident fund. - (1) The State Government shall establish a provident fund (hereinafter called the said fund) for the staff maintained by district school board [***](2)Any Provident Fund established and maintained by a district school board [for such staff] before the date of coming into force of the Bombay Primary Education and Housing Board (Amendment) Act, 1951 (Bombay XLVI of 1951), shall be merged into and form part of the said fund and the district school board [***] concerned shall as soon as may be after the said date transfer from its primary education fund to the said fund a sum equal to the total amount standing to the credit of all the subscribers or depositors in the Provident Fund till the date of such transfer:Provided that in the event of any doubt arising as to the amount to be so transferred by any district school board [***] from its primary education fund to the said fund, the matter shall be referred to the State Government or any officer authorised by it in this behalf, whose decision shall be final.(3)The district school board [***] concerned shall, in respect of each of its employees who is a subscriber to the said fund, pay into the said fund such portion of the contribution in such manner as the State Government may, from time to time, determine.]
